Fintech
Jaguar Financial Announces Proposed Share Sale and Related Board and Management Changes
Toronto, Ontario–(Newsfile Corp. – July 3, 2020) – Jaguar Financial Corporation (TSXV: JFC.H) (“Jaguar Financial” or the “Company“) today announced that Victor Alboini, his holding company, and certain members of his family (collectively, the “Sellers“) have entered into a binding share purchase agreement dated July 2, 2020 (the “Share Purchase Agreement“) with a group of purchasers that are arm’s length to the Sellers and to one another (the “Purchasers“). Under the terms of the Share Purchase Agreement, the Sellers will, upon closing of the transactions contemplated thereby, sell or option all of their respective common shares in the capital of Jaguar Financial (“Common Shares“) to the Purchasers (the “Share Sale“). The Share Sale is conditional upon, among other things, the board of directors and chief executive officer being replaced by the Purchasers’ nominees (the “Board and Management Change“), Jaguar Financial entering into a transitional services agreement with Mr. Alboini, the Company’s current CEO and Chairman, to assist incoming management and the Company’s accountant for a period of one year (the “Transitional Services Agreement“), the Purchasers providing Jaguar Financial with a loan to fund its obligations under the Transitional Services Agreement, which loan will be documented by promissory notes issued by Jaguar Financial in favour of the Purchasers (the “Loan“), and the approval of the TSX Venture Exchange (the “Exchange“). Subject to the satisfaction of all applicable conditions, the transactions contemplated by the Share Purchase Agreement are expected to close on or about July 8, 2020.
Share Sale
The Share Sale will consist of the Purchasers acquiring 2,171,166 Common Shares from the Sellers at a purchase price of $0.03 per share or $65,135 in the aggregate, and certain of the Sellers (the “Optionors“) entering into option agreements (the “Option Agreements“) pursuant to which the Purchasers will have a right to purchase up to an additional 851,988 Common Shares (the “Optioned Shares“) at a price of $0.03, and the Optionors will have right to require the Purchasers to purchase the Optioned Shares at that same price. The exercise of the options granted under the Option Agreements will be conditional upon the Purchasers collectively not holding, following any such exercise, 20% or more of the Common Shares, and the Option Agreements further provide that the closing of any option exercise may only occur 61 days after the date on which such options are eligible to be exercised.
Board and Management Change
The Board and Management Change is expected to consist of the resignations of Victor Alboini (Chairman and CEO), Doug Harris (Director), and Gerald Sternberg (Director), and the subsequent appointments of the following individuals:
Michael Lerner (proposed Director and Chief Executive Officer) – Mr. Lerner brings with him more than 20 years of experience in the natural resources market, starting as an institutional trader at CIBC and Wellington West, and then as a professional trader and financier focused on junior mining stocks at Dominick and Dominick. Since 2012, Mr. Lerner has become more involved in the operations of junior mining companies as an officer or director of public companies including Happy Creek Minerals, Jiminex Inc., Fairmont Resources Inc. and Navasota Resources where he has helped to rehabilitate these companies.
Harvey McKenzie (proposed Director) – Mr. McKenzie holds a Bachelor of Science degree in Mathematics from the University of Toronto. He is a Life Member, CPA-CA (as defined by the granting authority, the Chartered Professional Accountants of Ontario) with more than 45 years of accounting experience, including seven years with an international public accounting firm. Mr. McKenzie’s current principal occupation is the provision of consulting services primarily in financial reporting areas. Since June 2011, he has been the (part-time) CFO and Corporate Secretary of Anconia Resources Corp. During the past ten years, Mr. McKenzie has served as CFO of several Canadian publicly listed exploration, development and producing mining companies. His public-company experience includes the TSX, TSX-V, OTC and AIM, giving him a solid grasp of global reporting standards, IFRS and consolidation of reporting for worldwide entities.
Neil Novak (proposed Director) – Mr. Novak is an exploration geologist and consultant. He has been on the Board of Directors of Noront Resources Ltd. (was also VP Exploration for Noront), Simberi Mining Corporation, Cadillac Ventures Inc. and Renforth Resources Inc. He is the President and CEO and director of a public exploration company BWR Exploration Inc. (formerly, Black Widow Resources Inc.) and continues to own and manage a private family owned geological consulting company Nominex Ltd.
Transitional Services Agreement and Loan
Jaguar Financial will enter into the Transitional Services Agreement with Victor Alboini, under which Mr. Alboini will provide the incoming Chief Executive Officer and current Chief Financial Officer and accountant with such assistance as they may reasonably require for a period one year, in consideration for a cash payment of $59,305. To fund the Transitional Services Agreement, the Purchasers will advance loans in the aggregate amount of $59,305 to Jaguar Financial, and Jaguar Financial will issue unsecured promissory notes to the Purchasers that bear interest at 10% per annum and mature in one year.
Additional Information
Perry Rapagna, Chief Financial Officer
Jaguar Financial Corporation
416-201-1206
About Jaguar Financial Corporation
Jaguar Financial is a Canadian merchant bank generally investing in companies Jaguar Financial determines to be undervalued, overlooked and underappreciated. The investments made are usually event-driven, for example, where an investment is made in a company that is the subject of a takeover bid or where some other change is initiated by a third party or a shareholder of the subject company. Jaguar Financial’s objective is to assist management of the undervalued company to create value that the market is missing.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable securities laws including statements regarding the terms and conditions of the expected closing date, the appointment of the New Board and Management, the Exchange approval for the transactions, and the parties’ ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that the Exchange will not grant its approval to the transactions, that members of the New Board and Management may not ultimately become directors or officers of the Company, and the failure to obtain the requisite approvals. The statements in this news release are made as of the date of this release.
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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